Stocks in London are seen opening in the red on Monday, tracking Asian markets lower in the wake of selling in the US markets last Friday, as investors look ahead for a few central bank announcements this week. Futures indicate the FTSE 100 index is to open 40 points lower at 7,660. The index closed up 0.5% at 7,701 on Friday. The economic events calendar today has UK mortgage approvals at 12.30 pm UTC+4, The Eurozone consumer confidence at 1.00 pm UTC+4, Germany inflation at 4.00 pm UTC+4 and US pending home sales at 6.00 pm UTC+4.
The UK Index is now back in the middle of the range following the bearish move down from the resistance level at 7710. More consolidation is expected today as traders await any fundamental news that might determine future price action. The RSI looks mixed as well signaling more range trading in the short-term.
Support: 7625 7575
Resistance: 7705 7777